Federal Housing Finance Agency Director Bill Pulte alleged in a post on X earlier on Wednesday that Cook had designated a condo in Atlanta as her primary residence after taking a loan on her home in Michigan, which she also declared as a primary residence.
Loans for a primary residence can carry easier terms than for second homes or investment properties. Pulte said the loans date to mid-2021, before Cook was appointed to the Fed by former President Joe Biden and confirmed by the Senate the following year.
She is a native of Georgia and at the time was an economics professor at Michigan State University.
Pulte asked Attorney General Pam Bondi to investigate, and Trump quickly amplified the allegation. The Justice Department was taking the matter very seriously, a department official told Reuters.
Spokespersons for the Fed and for Cook were not immediately available to respond to a request for comment.
“Cook must resign, now!!!” Trump wrote in a post on his social media platform in his latest comments aimed at reshaping the make-up of the central bank, a body designed to set benchmark interest rates independent of White House influence.
Cook is one of three Biden appointees to the Fed whose terms extend beyond Trump’s time in office, complicating the president’s efforts to get more control by appointing a majority of its seven-member board. Currently two of the Fed’s remaining six board members were appointed by Trump, Governor Christopher Waller and Vice Chair for Supervision Michelle Bowman.
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Trump has repeatedly blasted Fed Chair Jerome Powell over benchmark rates that he wants sharply reduced, calling for his resignation while acknowledging that the Fed’s unique status in U.S. governance prevents him from firing Fed board members over monetary policy disputes.
Trump can name a new chair when Powell’s term ends in May, but claiming a majority on the board may take more time. Powell could continue serving as a governor until 2028, near the end of Trump’s term, should he buck convention and continue sitting on the board under a new chair.
Trump has repeatedly blasted Fed Chair Jerome Powell over benchmark rates that he wants sharply reduced, calling for his resignation while acknowledging that the Fed’s unique status in U.S. governance prevents him from firing Fed board members over monetary policy disputes.
Until Powell’s departure, Trump at this point has only one other seat to fill, vacated recently by the surprise resignation of former Governor Adriana Kugler. Earlier this month Trump nominated Council of Economic Advisers Chairman Stephen Miran to serve out the rest of her term.